Consumer discretionary stocks were the only sector trading in the green at midday Monday, rising 0.5%.
Qantas Airways (ASX:QAN) has finalized a new three-year deal worth about AU$1.5 billion with Helloworld Travel (ASX:HLO), under which HLO agents will continue to be paid to sell Qantas domestic and international flights to their customers.
On the flip side, the materials sector led a broad-based selloff, shedding nearly 2% after a fall in copper and iron ore.
Westgold Resources (ASX:WGX) will spin out and conduct an initial public offering of its non-core Reedy's and Comet assets in Western Australia to Valiant Gold, a new, standalone gold company, in the third quarter of fiscal 2026.
Valiant plans to undertake an IPO of its fully paid ordinary shares to raise gross proceeds of AU$65 million to AU$75 million at an issue price of AU$0.25 apiece, and to apply for admission to the official list of the ASX. Westgold will retain a stake of around 48% to 44% in Valiant upon completion of the IPO and demerger.
